SMN vs. QLD

Last updated Jun 24, 2026

SMN (ProShares UltraShort Basic Materials) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SMN returned -25.35%/yr vs 36.27%/yr for QLD. At a correlation of -0.64, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SMN vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Basic Materials (SMN) and ProShares Ultra QQQ (QLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMN achieves a -22.50% return, which is significantly lower than QLD's 29.58% return. Over the past 10 years, SMN has underperformed QLD with an annualized return of -25.35%, while QLD has yielded a comparatively higher 36.27% annualized return.

SMN

• 1D: 2.68%
• 1M: -3.51%
• YTD: -22.50%
• 6M: -21.16%
• 1Y: -28.70%
• 3Y*: -15.70%
• 5Y*: -16.33%
• 10Y*: -25.35%

QLD

• 1D: -6.61%
• 1M: -2.02%
• YTD: 29.58%
• 6M: 26.13%
• 1Y: 66.80%
• 3Y*: 43.61%
• 5Y*: 21.41%
• 10Y*: 36.27%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMN vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMN ProShares UltraShort Basic Materials	-22.50%	-17.96%	7.37%	-20.23%	-3.03%	-45.83%	-55.75%	-33.63%	32.74%	-38.03%
QLD ProShares Ultra QQQ	29.58%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%

Correlation

The correlation between SMN and QLD is -0.38, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.38
Correlation (3Y) Calculated over the trailing 3-year period	-0.46
Correlation (5Y) Calculated over the trailing 5-year period	-0.54
Correlation (10Y) Calculated over the trailing 10-year period	-0.54
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	-0.64

Over the past year, the inverse relationship between SMN and QLD has weakened: their correlation has moved from -0.64 to -0.38, meaning they move in opposite directions less often than they have historically.

Return for Risk

SMN vs. QLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMN

SMN Risk / Return Rank: 3
SMN Sharpe Ratio Rank: 3
SMN Sortino Ratio Rank: 3
SMN Omega Ratio Rank: 3
SMN Calmar Ratio Rank: 3
SMN Martin Ratio Rank: 2

QLD

QLD Risk / Return Rank: 53
QLD Sharpe Ratio Rank: 58
QLD Sortino Ratio Rank: 49
QLD Omega Ratio Rank: 51
QLD Calmar Ratio Rank: 56
QLD Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMN vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ProShares Ultra QQQ (QLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SMN	QLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	1.88	-2.70
Sortino ratio: Return per unit of downside risk	-1.07	2.33	-3.41
Omega ratio: Gain probability vs. loss probability	0.88	1.31	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.75	2.67	-3.42
Martin ratio: Return relative to average drawdown	-1.28	9.05	-10.33

SMN vs. QLD - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.82, which is lower than the QLD Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of SMN and QLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMN vs. QLD - Drawdown Comparison

The maximum SMN drawdown since its inception was -99.92%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SMN and QLD.

Drawdown Indicators

	SMN	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-83.13%	-16.79%
Max Drawdown (1Y) Largest decline over 1 year	-38.52%	-25.13%	-13.39%
Max Drawdown (3Y) Largest decline over 3 years	-53.71%	-42.29%	-11.42%
Max Drawdown (5Y) Largest decline over 5 years	-66.05%	-63.68%	-2.37%
Max Drawdown (10Y) Largest decline over 10 years	-95.39%	-63.68%	-31.71%
Current Drawdown Current decline from peak	-99.91%	-9.26%	-90.65%
Average Drawdown Average peak-to-trough decline	-90.55%	-18.14%	-72.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.40%	7.40%	+15.00%

Volatility

SMN vs. QLD - Volatility Comparison

The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.78%, while ProShares Ultra QQQ (QLD) has a volatility of 18.22%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMN	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.78%	18.22%	-6.44%
Volatility (6M) Calculated over the trailing 6-month period	27.91%	28.95%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	35.15%	35.77%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.65%	45.34%	-5.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.91%	44.80%	-1.89%

SMN vs. QLD - Expense Ratio Comparison

Both SMN and QLD have an expense ratio of 0.95%.

Dividends

SMN vs. QLD - Dividend Comparison

SMN's dividend yield for the trailing twelve months is around 4.54%, more than QLD's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLD ProShares Ultra QQQ	0.13%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%
SMN ProShares UltraShort Basic Materials	4.54%	4.08%	5.02%	4.54%	0.42%	0.00%	0.00%	0.72%	0.06%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMN and QLD in my portfolio?

SMN and QLD have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMN or QLD?

QLD has higher volatility (18.22%) compared to SMN (11.78%). In terms of maximum drawdown, SMN dropped -99.92% vs QLD's -83.13%.

Which ETF is better, SMN or QLD?

On 10-year performance, QLD leads with 36.27% vs -25.35% for SMN. Both ETFs have the same 0.95% expense ratio. On volatility, SMN has been the lower-risk option at 11.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMN or QLD?

Over the 10-year period, QLD has performed better with a 36.27% return vs -25.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMN or QLD?

SMN and QLD have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, SMN or QLD?

SMN has the higher dividend yield at 4.54%, compared with 0.13% for QLD.

What is the main difference between SMN and QLD?

SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while QLD tracks NASDAQ-100 Index (200%).

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (1.88 vs -0.82), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.